Global Market Entry Strategies, Essay Example

Market entry plays a major role in business growth and development. A good market entry strategy is one that will give the business a good take off, and maintain it in good motion until it catches up with the business operation environment. The market entry should embrace the current technology as well enable the business to compete favorably in the market. It is therefore imperative that a business finds a good entry and penetration strategies to compete favorably in the competitive global markets.

As discussed by each of the below arguments, some of the best market entry strategies for a novice is to begin exporting. This is very important in ensuring that the company products get sufficient exposure to the outside market (Hillstrom, 2013). As a general rule of the thumb, company growth is basically viewed in terms of the level of awareness that it has in the business environment in which it operates; in this case the global market. Prior to this, it is also important to engage the use of social media to find market for the products.

Social media has become one of the most vital tools for any marketer, especially those intending to operate globally. It offers a platform for interaction to ensure that people of various needs meet and exchange ideas. Creating a page for your business products in the social media can help you advertise them within the shortest time possible. One of the most fantastic features of the social media is that it is viral in nature. A single piece of lucrative idea can circulate it within the shortest time possible, and the entire globe will be aware of its existence. Thus, when planning to go global and importing products, it is important to prepare a good landing ground where it will find readily available market.

Also mentioned in the discussions is licensing; in my opinion, licensing is mandatory for every business that intends to operate thus does not have so much effect on customers. It only applies in the legal aspect of the business. Others like joint venture are very important and can have very great impacts in the business market entry (Kerin et al, 2011). Teaming up with already successful companies and bringing quality products is a sure way of entering and capturing the market. Joint ventures helps companies take advantage of already established markets to sell their goods. In most cases, big companies enjoy customer loyalties hence amalgamating with them will give you the same advantage. This is one of the excellent ways that a novice can enter the global market. Similarly, when you join with other top companies, you will learn their techniques for staying top in the market and competing favorable in the face of ever changing market competition.

Creating a market brand for the products is also of great significance. A brand is the logo through which customers will identify your products. Market brands are known to be good at creating customer loyalty since they will always be looking for the brand mark on your products. This will prevent counterfeit products that are likely to emerge and cause your products to loose market (Licensing Expo, 2014). The trademarks should be conspicuous and easy to notice. Relatively, both the discussions touched on foreign investments. This is important in laying foundation and framework for the business operations in a foreign land. It gives them time to analyze the prospective market and design the best entry strategy for it.

References

Hillstrom Collier. Laurie, Revised by Marilyn M. Helms, Licensing And Licensing Agreements, 2013. (PDF).

Kerin, R., Hartley, S., & Rudelius, W. (2011). Marketing the Core. (4th ed.). New York, NY: McGraw-Hill Companies Inc.

What is Licensing?, Licensing Expo 2014. http://www.licensingexpo.com/licensing-expo/education/what-licensing